N700m Scam: EFCC Secure Jail Term for Man who Defrauded NLNG Cooperative Society

The Economic and Financial Crimes Commission (EFCC) has secured a landmark conviction against Jonathan Wallang, a fraudster who swindled the Nigeria Liquefied Natural Gas (NLNG) Cooperative Society out of N700 million. Wallang, the Managing Director of Swift and Hay Limited, was sentenced to seven years imprisonment without an option of fine by Justice Hamza Muazu of the Federal Capital Territory High Court in Maitama, Abuja.

The Scam Unfolds

Wallang’s deceit began in 2011 when he obtained N520 million and N130 million from the NLNG Staff Bonny Cooperative Investment and Credit Society Limited, claiming to sell plots of land belonging to Larix Company Limited. However, he had no authority to sell the land, and the transactions were mere fabrications.

Trial and Conviction

The EFCC arraigned Wallang on seven-count charges bordering on obtaining money by false pretenses. Despite pleading not guilty, he was found guilty and convicted after a full trial lasting 10 years. Two co-defendants, Julius Ola Peter and Ijeoma David Alanza, passed away during the trial, while another defendant, Emeka Iloegbunam, was discharged and acquitted.

Sentence and Restitution

Justice Muazu sentenced Wallang to seven years imprisonment without an option of fine for counts 6 and 7, which involved obtaining money by false pretenses. Additionally, Wallang was sentenced to two years imprisonment with an option of N200,000 fine for counts 1, 2, and 3, related to conspiracy and forgery. The court also ordered Wallang to restitute N580 million to the NLNG Staff Bonny Cooperative Investment and Credit Society Limited.